Notes to SEFA
Title: Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Portland Opportunities Industrialization Center, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Pass-through identifying numbers are presented when available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Noncash Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Portland Opportunities Industrialization Center, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Pass-through identifying numbers are presented when available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization received noncash awards in the form of donated equipment and services from the Oregon Department of Education. The donated equipment and services is reported on the Schedule at fair value and totaled $1,022,051.